US Dow challenges $400m verdict in isocyanates price-fixing case

06 March 2013 23:00[Source: ICIS news]

HOUSTON (ICIS)--US-based Dow Chemical is challenging a $400m (€308m) verdict against it in an isocyanates price-fixing case, the company said on Wednesday.

"We strongly believe the jury rejected the sole conspiracy that the plaintiffs put before the jury, and we therefore have asked the court to enter a verdict in Dow’s favour as a matter of law," the company said in a statement.

Dow also wants the case to lose its class status, since the jury, by its verdict, rejected the class-wide claim, the company said.

In the alternative, Dow Chemical wants a new trial.

"Dow has always denied plaintiffs' allegations of price fixing," the company said. The price-fixing allegations were investigated by the US Department of Justice (DOJ) from 2005-2007.

Dow fully cooperated with the department, which closed the investigation in December 2007, without bringing charges against anyone.

"Consistent with the outcome in this earlier DOJ investigation, Dow should not be held liable in the civil case and will pursue this matter to a successful conclusion," the company said.